Kaspa (KAS) shows signs of sustainable accumulation in a market known for quick reversals. But instead of rallies driven by excitement, something deeper manifests: a decrease in selling pressure and stronger long-term confidence.
New blockchain data provided by Kaspa Daily on X shows that nearly 70% of the circulating supply of Kaspa has not moved in over three months. This is a new record, and it occurs while the price of KAS remains above a key support level of around $0.10.
A recent chart clearly depicts this trend. The blue line tracks the percentage of the KAS supply that has remained untouched for 90+ days, while the gray line represents the token price. From mid-2023 to the end of May 2025, the locked supply has grown from less than 50% to almost 70%, demonstrating a sustained upward trend.
It is noteworthy how this behavior persists during volatility. Even during sharp declines, such as in January and February 2024, the percentage of long-term investments either remained stable or increased. This behavior is atypical for speculative crypto markets.
The growth of long-term investments reduces the available supply on exchanges. This means there is less KAS available for trading, which could lead to a stronger price reaction if demand increases.
This also indicates stronger conviction among holders. Instead of panicking and selling or chasing pumps, an increasing portion of the Kaspa community seems to view KAS as a savings vehicle. This behavior reflects confidence in Kaspa's roadmap and upcoming milestones, particularly in smart contract functionality and broader Level 1 adoption.
However, not all indicators are optimistic. In another update, Kaspa Daily highlights that spot liquidity on MEXC, one of the largest trading platforms for Kaspa, is 3-4 times lower than on other exchanges. This is notable as MEXC still accounts for about 20% of KAS volume.
Thin order books on high-volume platforms raise concerns about slippage, volatility, and the potential for price manipulation during large trades. Traders relying on price signals from MEXC should be aware of this liquidity mismatch.
Additionally, Kaspa also ranks among the top ten for bullish sentiments on CoinMarketCap, according to Kaspa Daily. This comes as the ecosystem prepares to launch the public testnet Kasplex, a step that will bring smart contract capabilities to the network sooner than expected.
The combination of strong sentiment, expanding utility, and growing long-term holding behavior paints a picture of a Level 1 project that is steadily gaining momentum.
While short-term price movements can be unpredictable, long-term holders of Kaspa are quietly shaping the market structure. Given that nearly 70% of the supply is locked and significant updates are on the horizon, the price of KAS seems poised for a new phase of growth driven more by fundamental factors than speculation.
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